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TownofNantucketAuditCommitteeMeetingMinutesAuditCommitteeMeetingJuly9,2008Present:Ms.LibbyGibson,Mr.JamesKelly,Mr.MichaelKopko,Ms.PatriciaRoggeveen,Mr.MalachyRice,andMs.ConstanceVogesAbsent:NoneAlsopresent:Mr.RickAtherton,Ms.IreneLarivee,andMr.CraigAbernathy1.AnnouncementsandUpdates:None.2.ProgressReportonFiscalYear2006and2007Audits:Ms.Vogespresentedeachcommitteememberwithcopiesofcompleted,finalreportsthathavebeenfiledwiththestateinregardtothe2006Audit.ShestatedthatReneeDavisofPowersandSullivan,isbackintheofficeandsheisworkingonproducingath draftofthe2007AuditbyFriday,July11 ,2008.Ms.DavishasworkedontheTrustfund,theFootnotes,andsheisnowworkingontheEnterpriseFund.Ms.VogesstatedthatsheisworkingcloselywithReneeDavis,andthatifthereareanychangestothefinancialsshewillupdateMs.Davis.WhileMs.Daviswasoutoftheofficesomereviewwork,andsomedebtworkwasdone.Ms.DavisalsoreportedtoMs.VogesthatworkonFixedAssetsiscomplete.Mr.DickinsonisreviewingthematerialtoincorporateanychangesintoTown&Countyfiles.Ms.Roggeveenaskedaboutthetimelineforfinishingthe2007Audit.Ms.VogesrespondedthattheDepartmentofRevenueletterincludedatimelinewithamidAugustdate.Shestatedfromthetimeshereceivesadraftaudituntilthetimetheauditiscompletedthereisaboutatwoweekperiodofrevisionbetweenherofficeandtheofficeoftheauditor.DuringthisperiodtheauditorswillalsodrafttheFederalFinancialsandtheReporttoManagement.
Minutes – Audit Committee July 9, 2008Page 2 of 4 3.AccomplishmentssinceMeetingof6/25/08Ms.VogeshighlightedsomeoftheaccomplishmentssincethelastmeetingoftheAuditCommittee.TwonewbankaccountswithCitizensBankareinuse,andthepayrollofficehasprocessedtwoweeklypayrollcyclesusingdirectdeposit.Mr.Kellyaskedaboutanyerrorreporting,andMs.Vogesrespondedthattherewerenoerrorstoreport.Mr.Kellystatedthatthefactthatthetransitionwentsmoothlywasatestamenttothepreparationthatwentintothetransition.Mr.Kopkoaskediftheuseofdirectdepositwasa“unionissue.”Ms.Gibsonstatedthatrequiringunionemployeestousedirectdepositwouldrequirebargainingwiththeunion.ShealsostatedthatthereweretwoitemstheTownhasbeenattemptingtonegotiatewiththeunions,directdepositandbiweeklypayroll.Sheexplainedthatevenwhenitemsdonothaveaspecificreferenceinaunioncontracttheystillrequirebargainingwiththelocalunit.Anyitemswithoutapreviousmandaterequirenegotiationsinordertoimplementachangeinprocedure.Mr.Kopkocontinuedtoquestionwhypeoplechoosenottousethebenefit.Ms.Gibsonstatedthatsomeemployeesprefertoreceiveacheck.Mr.Kellyaskediftherewerenowtwosystemsinplace,directdepositandpayrollchecks.Ms.GibsonstatedthatthetwosystemshavebeeninplacefromthetimetheTownstartedofferingdirectdeposit.Mr.Kellyaskedifitwouldbepossibletodemonstratethebenefitofdirectdeposittoemployees.Ms.Vogesstatedthatnewemployeesarestronglyencouragedtousedirectdeposit.Ms.LariveeaddedthattwoweeksagoacommunicationwassenttoeveryemployeeintheTownhighlightingthebenefitsofdirectdeposit.Shealsoaddedthatwewillcontinuetopromotethisbenefitthroughoutthefiscalyear.nd Ms.Vogesstatedthatthe2007ScheduleAwassubmittedonJuly2tothecomputerdivisionoftheDepartmentofRevenue(DOR).SheexpectstheretobesomediscussionandreviewbetweentheTown’sDORrepresentativeBarbaraDakin,ControllerBobDickinson,andthecomputerdivision.Thecomputerdivisiontypicallylooksforinconsistencies,andtheninquiresastothereasonforchangesinreportingamounts.Ms.VogesreportedthattheAbrahamsGrouphasfinishedtheirfirstroundofinternalandexternalinterviews.KathyGriffinwillbebacktodofollowupinterviews.Mr.Kellyaskedwhenthegroupwouldsubmititsfindings,andMr.Ricerepliedthatthefindingsth willbesubmittedonAugust29 ,2008.Mr.KellyaddedthatheappreciatedthefactthattheAbrahamsGroupwillreporttheirfindingsandthenseekagreementonthosefindingsbeforemovingontomakingrecommendations.Cashreconciliationisinprogress,andMs.Vogesstatedthatthusfarinthefinancialyeartherehavebeentwopayrollsfor$2.3million,onesmallaccountspayablerun,and$207,000inreceipts.
Minutes – Audit Committee July 9, 2008Page 3 of 4 st Ms.RoggeveenstatedthatMarkAbrahamsreportedthatasofJuly1everythingwasposted.Shefeltthatthiswasanoutstandingachievement.Shealsoinquiredaboutthechangeincashreconciliation.Ms.Vogesreportedthattherehadbeennoproblemswiththenewaccounts.ShestatedthattheprimaryfocuspointoftheauditingchangeswastheTreasurer’sOffice,andthattheTreasurer’sOfficehasdonemonumentalworkingettingthetwoaccountsestablished.Inadditiontoestablishingthenewaccounts,theTreasurer’sOfficehadtoperformtestingofthenewproceduresandimplementthenormalyearend/yearbeginningprocedures.4.OtherBusinessMr.KopkoaskedabouttheDepartmentofRevenueletter,andwheretheFinanceDepartmentisinrelationtoexaminationandimplementationofnewproceduresandcontrols.Ms.Roggeveenrespondedthatthecashreconciliationwasamajorachievementfromtheproposednewprocedures.Mr.KopkostatedthathebelievedthattheAuditCommitteewastohaveareportdraftedtotheDORoutliningtheplansoftheFinanceDepartment.Ms.VogesaskedifhewasreferringtotheAbrahamsGroupreport,andMr.Kopkoindicatedthathewas.Ms.Gibsonrespondedthatthereisworktobedone,butthefinalreportisexpectedtobecompletedbytheendofAugust.Mr.KopkothenaskedaboutaresponsetotheDepartmentofRevenueletterthatwaspresentedatthelastmeeting.Ms.GibsonstatedthatshesenttheletteronthepreviousFriday,andthatshewillfollowupwithaphonecalltoBarbaraDakinlatertoday.Mr.KopkoaddedthatMarkAbrahamshadexpressedconcernwithsomeofthetimeline’sdatesintheDORletter.Ms.GibsonsaidthatshespokeextensivelywithMr.Abrahamsandacceptedhistimelinewiththeintentionofbeatingeachdeadline.TheAuditCommitteediscussedchargesassessedbyBankofAmerica.Mr.KellystatedthatheappreciatedthefactthattheaccomplishmentsoftheFinanceCommitteewerewelldocumented.HewentontosaythathewasawarethatMs.Voges’staffhadbeenunderalotofpressure,andthathewouldliketheAuditCommitteetopubliclyrecognizetheachievementsoftheFinanceDepartment.Ms.GibsonstatedthatsomeoftheachievementswereontheagendafortheBoardofSelectmenMeetinglaterthatevening.Ms.RoggeveenproposedthatshemakeapublicstatementofthanksonbehalfoftheAuditCommitteeattheBoardofSelectmenMeeting.5.DateofNextMeeting:Ms.VogesinformedthemembersthataccordingtoPowers&Sullivan,adraftofthe2007Auditshouldbereadyintwoweeks.Ms.Roggeveenproposedthatthedateoftherd nextmeetingshouldbeonJuly23 ,2008.
Minutes – Audit Committee July 9, 2008
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6.AdjournmentMs.Roggeveenaskedforamotiontoadjournwhichwas“somoved”byMr.Kopko.”””””””””””””””””””””””””””””””””””””””” PreparedbyCraigAbernathy
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